Last week’s BLS numbers were worse, naturally, than the media let on.
Unemployment was “down” to 8.2% – after moving at 8.3 for a few months. But remember, that percentage is against the “Labor Force Participation Rate”.
And that rate stands at 63.8%.
So you lop 8.2% off of that figure, and you get a grand dotal of 58.57% of the workforce actually working.
By way of comparison – in October of 2009, when the official unemployment rate was 10%, the participation rate was an even 65%, and 58.5% of the workforce was working. The actual employment rate bottomed out at 58.2%, back in December of 2009. That means that in terms of Americans working, we’re about a third of a percent better than the lowest point in the recession.
More @ Hot Air
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